There is no price for letting Dalton Schultz walk. He was overpaid last year, because the Cowboys had 2 rookies and a 2nd year player backing him up in Ferguson, Hendershot and Sean McKeon. The Cowboys drafted Ferguson last year (pick 129) to replace Schultz (pick 137), and the only difference between them was experience. Ferguson now has experience, and they drafted Schoonmaker in the 2nd round this year. Ferguson will start. Schoonmaker will play the role Ferguson did last year. By next year, the Cowboys will have two competent tight ends in Ferguson and Schoonmaker. Who knows which one will ultimately win the battle for TE1. But it won't really matter too much because TE2 will also play quite a lot. The difference in talent between Ferguson and Schultz is negligible on paper - although Travis Kelce seems to be impressed with the potential of Ferguson to become a special player.
Schultz was never special. He's a good journeyman NFL level tight end - and there is nothing wrong with that. But journeyman tight ends can be replaced, and the Cowboys always had a plan to get rid of Schultz this year, after he rejected their long-term offer. Dak will adjust, and make either Schoonmaker or Ferguson his safety outlet. The production of Schultz will be replicated this year, simply because Dak likes using a tight end. He's going to throw the ball to a tight end, and nothing Ferguson did last year indicates that he'll fall short of being able to reproduce the production of Schultz. Maybe either Ferguson or Schoonmaker will ultimately become a special tight end, or maybe they won't. The Cowboys, as evidenced by Schultz last year, don't need a special tight end to be a productive offense. They just need a competent one. Competence can be had for less than $9M per seaason. If it turns out that either Ferguson or Schoonmaker becomes a special talent, that is just a bonus that will allow the Cowboys to overcome other talent deficits.